Hong Kong Stocks

Monday saw no panic sell-off, but the entire week was marked by a persistent downtrend, like a dull knife slicing flesh – a slow, gradual decline over the course of seven days.

Disciplined Trading

Yesterday afternoon, two new short positions on Xiaomi were added, with the original plan to sell out at the end. However, when I saw a slight loss in the final position, I hesitated and didn’t want to cut my losses, so I decided to observe for another day. This morning, the stock price fell slightly by 1%, and when it dropped to 2% in the afternoon, I decisively exited the position. Later, it was proven that this exit was correct, as the stock continued to fall after that.

• Hong Kong Stock Exchange (HKEX) dark pool trading involves numerous proprietary terms, with most being recognizable but some still unfamiliar.

Previously, investors focused on financial news. Since Trump’s return, they also needed to pay attention to his Twitter (a private version). The trade war continued to escalate, leading to a sharp decline on April 7th, which was quickly followed by a rebound. This time, though, are people still willing to jump in?

Background Review

On April 7, 2025, following the impact of the U.S. implementation of an “equivalency tariff” policy, global stock markets experienced a “Black Monday.” The A-share market plunged, with the Shanghai Composite Index falling by 7.34% and the Shenzhen Component Index plummeting by 12.5%, with over 4,300 stocks declining by more than 9%. The Hang Seng Index in Hong Kong also fell by 13.22%, along with European and U.S. stock indices exceeding declines of 4%. China subsequently stabilized the market through state-owned enterprise (SOE) purchases and intervention by Huishang Securities.

In the turbulent and unpredictable stock market, we often use faith and expectations as our compass, attempting to navigate through the fog and reach the shores of wealth. However, when our voyage deviates from the guidance of the compass, it’s easy to lose direction, even to run aground. This essay is about one such journey, beginning with an unwavering obsession with Xiaomi, which rose and fell repeatedly amidst the waves of capital.

The practice of “the same contract code, for transactions in the same direction, commission is only charged once” is commonly referred to as “Commission Aggregation / Combined Commission” within the securities industry. This is not a hard-and-fast regulation by the Hong Kong Exchange or regulatory bodies, but rather a business convention formed through market competition and brokers’ efforts to optimize customer experience.

[The company recently raised capital in the Hong Kong market](Nine Fang Zhi Tu.pdf), this fundraising is similar to Xiaomi’s operation, and this article breaks down the details. –>

Nine Fang Intelligent Investment and Sales Interpretation

What are the fees associated with participating in the offering; when can these stocks be sold, what other important information is contained in this document?

✅ Fees Associated with Placement

This placement activity is a pre-existing shareholder first, then new placement method, targeting new investors (placements), does not involve retail investor subscriptions, therefore: